Nuclear Trade Waiver Seen as a Boon to Indian Business, Economy

Nuclear Trade Waiver Seen as a Boon to Indian Business, Economy

The U.S.-Indian civilian nuclear agreement may still have to clear the U.S. Congress, but Indian firms and industry groups are already celebrating the Nuclear Suppliers Group's decision this month that effectively gave the agreement a green light by waiving a ban on the country engaging in nuclear trade.

The U.S.-India Business Council, which has lobbied hard in support of the bilateral agreement that followed a joint statement in 2005 by President George Bush and Indian Prime Minister Manmohan Singh, described the waiver as "a historic step forward for India and the world," while the Confederation of Indian Industry said it was a major confidence-boosting measure.

"The waiver will provide a number of benefits for Indian business as well as the economy as a whole," said Hussain Rammal, a lecturer in international business at the University of Adelaide. "Frequent power failures in parts of India have forced companies to locate into the few areas where power generation is more stable. Even places like Mumbai have struggled to fulfill their energy demands and have not yet reached their potential."

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